Vietnam's largest refinery plans crude tenders, has supplies through June
Vietnam's largest refinery, Nghi Son Refinery and Petrochemical LLC, is considering quarterly tenders and spot cargo procurement to secure sufficient crude oil for its operations, the company said on Thursday, as the crisis in the Middle East continues to disrupt supplies.
The 200,000 barrel-per-day refinery, which processes crude oil sourced almost entirely from Kuwait, has suffered crude oil supply disruptions since March due to the Iran war.
-
Nghi Son has since "secured alternative crude supplies from other regions, including the United States, Africa, and other international markets," it told Reuters in an emailed statement.
-
The company, which meets about 40% of Vietnam's fuel needs, said it now has sufficient crude oil to operate until the end of June.
-
In a more positive scenario where Middle East tensions ease, Nghi Son will continue coordination with Kuwait Petroleum Corp to resume sourcing Kuwaiti crude through traditional supply routes, it said.
-
Japan's Idemitsu Kosan Co 5019.T and Kuwait Petroleum both hold 35.1% stakes in the refinery, with 25.1% held by Vietnam's state oil firm Petrovietnam and 4.7% belonging to Mitsui Chemicals Inc 4183.T.
-
Japan has pledged to assist in arranging crude oil supplies for Nghi Son, Vietnamese Prime Minister Le Minh Hung said after a meeting in Hanoi on Saturday with Japanese counterpart Sanae Takaichi.
Comments